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Dyadic International Raises Additional $1 Million to Complete $4 Million Convertible Note Offering
Date:9/7/2010

JUPITER, Fla., Sept. 7 /PRNewswire-FirstCall/ -- Dyadic International, Inc. ("Dyadic") (Pink Sheets: DYAI), a global biotechnology company focused on the discovery, development, manufacture and sale of specialty enzyme products and solutions for the bioenergy, industrial enzyme and biopharmaceutical industries, today announced that Dyadic has received an additional $1 million to complete its previously announced private placement of convertible subordinated secured promissory notes (the “Notes”) which has provided Dyadic with total gross proceeds of $4 million. Three of the eight private investors participating in this offering are officers and/or directors of Dyadic representing approximately one-third of the total gross proceeds.

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As previously announced, the Notes will pay interest quarterly at a rate of 8% per annum. The Notes will be convertible, at the holder’s option after January 1, 2011, into shares of Dyadic common stock at a conversion price of $1.82 which represents 120% of the average closing price for the 30-day period preceding the closing date. The Notes mature on January 1, 2013.

Dyadic expects to use proceeds from this offering for working capital including continued investments in research and development and new product introductions, and general corporate purposes.

The securities offered will not be registered under the Securities Act of 1933, as amended, (the “Act”) and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Act.

Dyadic's President and Chief Executive Officer, Mark Emalfarb, stated, "The $4 million raised through the offering of these convertible notes, in combination
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SOURCE Dyadic International, Inc.
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